27-15-5-5. Members Entitled to Vote
Sec. 5. (a) Only members of the converting mutual as of both: (1) the date the converting mutual’s board of directors adopted the resolution proposing the plan of conversion and the amendment to the articles of incorporation; and (2) the record date for the members’ meeting established by the board of directors; are entitled to […]
27-15-9-2. Applicable Actuarial Principles
Sec. 2. Any method used or formula developed for the fair and equitable allocation of stock among eligible members under this article must utilize generally accepted actuarial principles. As added by P.L.94-1999, SEC.3.
27-15-5-6. Proxy Voting
Sec. 6. Notwithstanding IC 27-1-7-9, a member may vote by proxy only if: (1) the proxy was solicited and obtained from the member for the express purpose of voting on the plan of conversion and the amendment to the articles of incorporation; and (2) the proxy solicitation materials were provided to and approved by the […]
27-15-5-7. Vote Required for Approval
Sec. 7. The proposed plan of conversion and amendment to the converting mutual’s articles of incorporation shall be approved by the members upon receiving the affirmative votes of: (1) at least two-thirds (2/3) of the members voting at the meeting; and (2) if the plan provides for different classes, categories, or groups of eligible members […]
27-15-6-1. Consummation of Plan
Sec. 1. After the proposed plan of conversion and amendment to the converting mutual’s articles of incorporation are approved by the commissioner and approved by the members under this article, the converting mutual may proceed to consummate the plan and comply with IC 27-1-8. As added by P.L.94-1999, SEC.3.
27-15-6-2. Effective Date
Sec. 2. The plan of conversion and the amendment to the articles of incorporation of the converting mutual become effective upon the date and time of return of the articles of amendment by the secretary of state as provided in IC 27-1-8-8, unless a later date and time are specified in the articles of amendment, […]
27-15-6-3. Effect of Plan and Amendment
Sec. 3. When the plan of conversion and the amendment to the articles of incorporation of the converting mutual become effective: (1) the converting mutual shall: (A) be converted from a domestic mutual insurance company to a domestic stock insurance company; and (B) have all the rights, privileges, immunities, and powers and be subject to […]
27-15-6-4. Continuation of Former Mutual
Sec. 4. The former mutual shall be a continuation of the original converting mutual in all of the following respects: (1) The former mutual shall be recognized as an insurance company formed under the laws of this state as of the date of the company’s original organization. (2) The conversion does not in any way […]
27-15-6-5. Compliance With Capital and Surplus Requirements
Sec. 5. The former mutual shall comply with the minimum capital and surplus requirements applicable to domestic stock insurance companies as though the former mutual was organized as a stock insurance company on its original date of organization. As added by P.L.94-1999, SEC.3.
27-15-4-6. Hearing Procedures
Sec. 6. The hearing shall be conducted by the commissioner or by the commissioner’s designee, consistent with the procedures described in IC 4-22-2-26. As added by P.L.94-1999, SEC.3.